Now, she's set to select her first class of Tory Burch Foundation Fellows: 10 women business owners who'll benefit from her mentorship, networking opportunities, and a $10,000 grant.

Of these 10, who'll be chosen from 30 finalists by a team at the Tory Burch Foundation, one Fellow will earn an investment of $100,000 in her business.

While this is the first time Burch is running this competition, she's long been dedicated to helping women start and sustain businesses. Through a partnership with the , the Tory Burch Foundation offers low-cost loans to women entrepreneurs.

Founded in 2009, the Tory Burch Foundation has been organizing mentoring and networking events for years. The designer is a big believer in the power of collaborating with, and rooting for, other women.

"Every job that you have might not be the perfect job, but you really take away different things, and you create relationships," she told Moira Forbes during a Q&A at Forbes' inaugural Women's Summit in 2013.

Women entrepreneurs with a U.S.-based, scalable business still have time to apply for a spot in this inaugural group of Fellows. Apply at ToryBurchFoundation.org by January 12th.